Disposal of Plant Asset Ben Company has a used executive charter plane that originally cost $1,000,000. Straight line depreciation on the plane has been recorded for six years, with a $100,000 expected salvage value at the end of its estimated eight year useful life. The last depreciation entry was made at the end of the sixth year. Eight months into the seventh year, Ben disposes of the plane. Required Prepare journal entries to record: a Depreciation expense to the date of disposal. b. Sale of the plane for cash at its book value. c. Sale of the plane for $300,000 cash. d. Sale of the plane for $220,000 cash e Destruction of the plane in a fire. Ben expects a $210,000 insurance settlement General Journal Description Reference Debit Credit To record depreciation expense for 8 months. Cash To record sale of airplane. Cash Airplane To record sale of airplane. Cash Accumulated Depreciation - Airplane To record sale of airplane. Loss of insurance settlement Accumulated Depreciation - Airplane To record insurance claim on airplane destroyed by fire